44AA & 44AD

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....4AA & 44AD<br> Query (Issue) Started By: - Tushar More Dated:- 4-3-2017 Income Tax<br>Income Tax<br>Dear All, As we all know, that maintenance of Books of Accounts u/s 44AA is not required, if a pers....

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....on opts for presumptive taxation u/s 44AD, and a person opting for such scheme may even declare income greater than the income deemed u/s 44AD (i.e., income greater than deemed 8% of turnover). So in ....

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....case a person opting for 44AD declares income greater than 8%, is it necessary for him to mantain books of accounts. The law is silent in this regard. However, it is specifically mentioned in sec 44A....

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....A that, if a person declares income lower than income deemed u/s 44AD, and his income is greater than the minimum taxable limit, than he has to maintain books u/s 44AA. What if the person declares in....

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....come greater than 8%, which is beyond the minimum taxable limit? Please clarify.<br> Discussion Forum - Knowledge Sharing ....